It is for a certain fact that while we are still living on this earth, we still have total control on how to properly manage and dispose of our property for the benefit of our family. But in cases that you may be incapacitated or no longer here, you also want to make sure that the family you left will be taken care of properly. There are several ways within which you can do this. One way is by having an insurance policy on your life.
This can be very helpful especially if you don’t have enough assets or properties left to take care of your family once you are gone. In some other cases, a person who have more than enough while they are still living would also want that once they are gone, their family would still continue the comfort of life that they had even long after they’re gone.
A proper way of doing this is by executing a will or trust while you are still living that shall govern on how your estate shall be distributed among your family after you are gone. But in cases wherein you are still living but is somehow incapacitated because of some other reasons, the best way for you to do is to execute a special power of attorney for any person you want that would be able to properly manage your property once you have become incapacitated.
Whatever you may choose from, it is first best to understand what a will and trusts are. A will is a document that a testator executes which provides on how he wants his properties to be distributed among his heirs once he will be gone. Also keep in mind that wills are needs to pass probate before becoming legally valid.
A probate is a legal process in court which must be undergone before your property is actually distributed among the heirs. However, if there will be children that are left, it is better that you also appoint a guardian to take care not only of them but also to manage your property until they will reach the age of majority.
Another thing is a trust. It is one wherein you, as a trustor from lasting power of attorney, will designate a person or a company, the trustee, that will be the one to hold and manage your property and the beneficiaries will get all the benefits that it holds. This is usually done by those who will be leaving children especially minors, in order to make sure that they are properly taken care of.
While there are also who executes a trust with a condition that the trust will end upon the children reaching a certain age of the age of majority and the property will now be distributed to them depending on how the trustor would want it distributed.
And as you are still living now, it is best that you have already executed a will or trust now in order to be sure that your property will be distributed as how you may want it than leaving it to someone else which can cause a greater deal of problem or quarrel among the heirs, especially if you have a lot of properties.
If you want to learn more about wills and trusts, you can visit https://en.wikipedia.org/wiki/Trust_law.